First Interstate BancSystem (NASDAQ:FIBK) Lowered to “Sell” at StockNews.com

First Interstate BancSystem (NASDAQ:FIBK) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

FIBK has been the subject of several other research reports. Stephens boosted their price target on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Piper Sandler reissued an “overweight” rating and set a $38.00 target price on shares of First Interstate BancSystem in a research note on Monday, August 26th. Barclays increased their price target on First Interstate BancSystem from $31.00 to $32.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Wells Fargo & Company downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $30.00 to $28.00 in a research report on Tuesday. Finally, Keefe, Bruyette & Woods raised their target price on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $33.17.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock opened at $29.43 on Thursday. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 11.73 and a beta of 0.82. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.79 and a quick ratio of 0.79. The business has a 50-day moving average of $29.98 and a 200 day moving average of $28.05. First Interstate BancSystem has a 12 month low of $20.81 and a 12 month high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. The business had revenue of $244.30 million during the quarter, compared to analyst estimates of $246.07 million. During the same quarter last year, the firm posted $0.66 earnings per share. As a group, sell-side analysts forecast that First Interstate BancSystem will post 2.34 earnings per share for the current year.

Hedge Funds Weigh In On First Interstate BancSystem

Hedge funds have recently made changes to their positions in the company. Rafferty Asset Management LLC boosted its stake in First Interstate BancSystem by 27.7% during the 4th quarter. Rafferty Asset Management LLC now owns 146,191 shares of the financial services provider’s stock worth $4,495,000 after purchasing an additional 31,710 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of First Interstate BancSystem by 235.6% during the first quarter. BNP Paribas Financial Markets now owns 78,311 shares of the financial services provider’s stock worth $2,131,000 after purchasing an additional 54,973 shares during the period. Jennison Associates LLC grew its position in First Interstate BancSystem by 9.6% in the 1st quarter. Jennison Associates LLC now owns 850,767 shares of the financial services provider’s stock valued at $23,149,000 after buying an additional 74,434 shares during the last quarter. Sciencast Management LP acquired a new position in First Interstate BancSystem in the 1st quarter valued at $705,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of First Interstate BancSystem by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock worth $127,204,000 after acquiring an additional 367,212 shares during the period. Hedge funds and other institutional investors own 88.71% of the company’s stock.

About First Interstate BancSystem

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.